Does anyone here get their coin directly from the FED? Someone on this site said they did.... I'm new and have never heard of anyone doing this before.
If you worked at the Fed 40 something years ago, it was possible. Those that worked in some areas and had the right friends could take all kinds of cool stuff home. I'm not talking theft. Security was really good.
Try to get the coin bags. For the halves, they're $1000 bags. Find a bank that has a counting/sorting machine, and charm them into it. Sometimes you can't, no matter how charming you are. If you have a business there or substantial personal holdings, you don't have to be charming.
Charming....my bank does not know the word. Even though I have "substantial personal holdings". Wanted to get BOXES of 2017-P cent and they would not do a thing for me. Of course, I have no use for a $1,000.00 bag of halves. Not into it that much.
I was the one who mentioned the Federal Reserve in each person's area. Looks like many here know more about it than me. I still think what Fed area you are in determines how many old coins you will get. Loomis, Brinks, etc. wrap them I know that but before that who put the coins into circulation? I don't know.
I spoke to a Loomis driver a few weeks ago, just inquiring how orders were processed. The coin wrapping machine is evidently huge. They get bagged coins from multiple locations, Coinstar, Banks, and sometime the Mint. Interesting he said Mint and not Reserve. It is completely possible that some of our half searches are generated by coinage flowing back to the Mint, I find it hard to beleive, but he didn't specify new coins versus circulated. So all those $1000 bags coming out of banks flow through Loomis coin wrapping process. Does anyone know if the coinage ever flows back to the mint, or do they have dusty bags of coins sitting in a vault somewhere awaiting searchers like us. (Drooling at the thought of decades old canvas bags sitting in a dusty corner of the mint....)
If they had such stored, the government would then resell them at similar inflated prices as they do most of the returned mint products. I suspect they have limited long term storage and just send ballistic bags/bins to the bank service firms such as Loomis, Garda, etc. and they wrap them for the banks if bank returns are not sufficient to supply due to hoarders stashing them for the future.
The fed actually only handles paper currency. They place orders with BEP and store and route cash to the carriers/coin terminals on demand. The mint gets their orders from the fed for coin and presses and ships them to the carriers/coin terminals (loomis, Fargo, etc) for storage and distribution. That's why if you're a strap searcher and go to a busy bank near a carrier you can get federa reserve straps. You'll never find federal reserve coin wraps because they don't exist. You may be able to buy special mint wrapped coin somehow, but that's never been something I wanted because of their inflated pricing. I'll just go to my bank for face value. They get enough unc coin at times.
Yep. It is also true that coins get run through cleaning tumblers (or something like that). That's how the coins from 1965 don't all look dark and sticky. Not sure how it works now, but I was told that the coins used to get sent back to the closest fed in bags... cleaned... and then sent back out to the carriers. They might have eliminated this... as coins in 2017 look much dirtier than coins did in 1980.
